(a) The short run total cost function of a perfectly competitive firm is given as follows:
Assume that the market price of the firm's product is P=$300. Find the firm's profit-maximizing output and profit for the short run.
(b) The long run total cost function of the same perfectly competitive firm is given as follows:
Assuming the industry is in long-run equilibrium; find the firm's long-run price, quantity, and profit.